The median sale price for Mount Maunganui and Papamoa property is on the up with the latest Real Estate Institute of New Zealand figures showing a rise to $400,000 for October this year.

Based on the three month period ending October 31, the number of sales in that area also improved compared with the September period; up to 59 from 54. The median sale price of $400,000 and the 59 sales shows market consistency for the last three October periods.

In 2008, the median sale price for the period was $398,750 with 52 sales and in 2009 it was $422,500 with 66 sales.

This consistency is not being shown in the Tauranga market, however, with the October 2010 period median sale price dropping to $314,000 with 74 sales made.

This is down from the September 2010 period when the median sale price was $328,000 with 77 sales made. However, it is significantly down on the year-on-year comparison with the median sale price for Tauranga in the October 2009 period at $395,000 with 117 sales made.

The Western Bay country areas are relatively steady in the residential property market with the October 2010 period median sale price up to $390,000 with 47 sales made. This price compares favourably with the September 2010 period when the median sale price was $359,000 although there were more sales made then at 55.

These figures for the Bay of Plenty region are consistent with the national trend of reasonably stable prices with a smaller number of buyers.

It is hoped as the seasons change, so too might the property market.

'The usual spring influx of listings has been late this year but activity is picking up now and the November figures should be better,” says REINZ spokesman Peter Thompson. 'People planning to change houses appear to have held back on listing their current homes until they see what else is available and how the market is moving.

'Though volumes are down overall prices are remaining stable.

'The national median price stayed steady at $350,000, the same as September and August but is 1.4 per cent down on the October 2009 median of $355,000.

'Despite the present economic conditions, both prices and the level of activity in the real estate market are healthier now than they were in October 2008 when the median price fell back to $335,000 and the days to sell were 47 compared with 41 in October this year.”